Jennifer Rigby

LONDON, (Reuters) – A multibillion-dollar fund that was created by the G20 to aid developing countries in their preparation for pandemics may be up and running within months according to reports from the World Bank.

The bank – which will house the fund – said it was “proceeding quickly” to set up the facility, after releasing a white paper for consultation last week on how it might work.

According to a spokesperson of the bank, pandemic readiness is a global top priority. The fund will be available for business in the second half of this year.

The fund has so far raised less than $1 billion from both the United States and the European Union, Germany, and private donors. According to the World Bank and World Health Organization (which is providing advice on the project), the annual gap in funding for pandemic preparedness has been estimated at $10 billion.

This week, an independent panel warned the world that it is not better equipped to combat future diseases than it was in 2019 when COVID-19 occurred. It may even be in worse shape due to the financial impact of the pandemic.

While the WHO annual assembly is taking place in Geneva, this week’s sideline discussion has focused on the fund, it is not on the official agenda.

The pharmaceutical industry stated Monday that wealthy countries should immediately fund an emergency supply system for vaccines to low-income countries in the event of a pandemic.

According to the World Bank, it is still in consultation with its partners about how and where it will spend its money.

Eloise, cofounder of Pandemic Action Network, stated that “it is vital that this fond supports gaps identified at country level.” She added that while it was crucial to ensure that those countries could benefit, it was equally important to have an opportunity for them to speak up at the table.